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Home Industry News Reckitt Benckiser announces takeover

Reckitt Benckiser announces takeover

10th December 2007

Reckitt Benckiser, the company behind Strepsils lozenges, has announced it is to purchase the American firm Adams Respiratory Therapeutics.

The British company has stated it is to pay $60 (?29) in cash for each share of the company, which Bloomberg reports is 37 per cent more than the closing price for its shares on December 7th.

Analyst at Investec Securities in London Martin Deboo told Bloomberg that Reckitt Benckiser is “paying quite a premium” for the firm.

“It will be a challenge to unlock value,” he claimed.

Reckitt Benckiser reports that Adams Respiratory Therapeutics has seen net sales grow from $14 million in June 2003, to $332 million by June 2007.

Its pre-tax income for the financial year ending June 2007 was $48 million, it states.

Reckitt Benckiser sells its products across 180 countries and operates across all continents.

Last year it acquired Boots Healthcare International for ?1,926 million.

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